Managers hopeful of building recovery despite slump
Activity in the construction sector declined at the fastest pace in nine months in June, but managers are becoming more optimistic about an uptick in business.
Data for June shows the building crisis is deepening, with overall activity and new projects both down, according to the latest survey of the sector by Ulster Bank.
The construction sector has now been in constant decline for 61 months, over five years.
The index is based on a survey of purchasing managers and is regarded as a leading measure of sector activity.
In June, it recorded drops across the board with house building, civil engineering and commercial activity all down, compared to May.
However the degree of optimism rose for a second month in June, according to the same survey data.
The boost to optimism is likely to reflect the news that NAMA has earmarked €2bn to complete projects on its books over the coming years, as well as hopes of contracts abroad.